- John Deaton believes the jury will rule in favor of Ripple and the XRP community as the US SEC has demonstrated its inconsistencies while dealing with crypto assets amid its notable conflicts with the CFTC.
- Although Deaton made significant money on XRP before the SEC vs Ripple lawsuit, he is now betting on his expertise and the ability of the presiding Judge to follow the law.
Diversification is key in protecting wealth in all types of investments. With the existence of more than 12k crypto assets with different values and blockchains, cash flow takes place through the multichain protocols and DEXes as more traders speculate on the next hype.
Veteran crypto investor and lawyer, John E Deaton has revealed details of his crypto portfolio, and as expected the man has invested where his mouth is much focused. In a recent X post response to jacktheRippler, Deaton revealed that his crypto portfolio is dominated by Bitcoin (BTC), Ethereum (ETH), and Ripple-backed XRP.
Interestingly, Deaton highlighted that XRP has in the past occupied the least percentage of his portfolio, although he made a ton of money from the altcoin before the SEC vs Ripple lawsuit.
Bright Future for Ripple and Its Blockchain Products
Ripple has always stood on the principle that crypto means business and the industry will quickly transform the way money moves around the world. Notably, Ripple has partnered with different traditional financial institutions, governments, and web3 projects to build innovative solutions for businesses seeking to tap into blockchain technology.
As a result, Deaton expressed his satisfaction with the long-term success of Ripple and XRP in particular, especially after Federal Judge Analisa Torres largely ruled in favor of the blockchain payment firm. Additionally, the US SEC opted to drop charges against Ripple executives, which has significantly helped increase the possibilities of XRP winning.
With the SEC vs Ripple case largely complete, Deaton highlighted that he has added the XRP bag in preparation for an imminent bullish breakout. Moreover, XRP and Ripple’s blockchain products have continued to be adopted in other global markets including MENA, Europe, Asia, and Latin America.
Anyone who has seriously followed me knows this. When I sued the SEC, SEC lawyers like Jorge Tenreiro lied and told the Judge I was a disgruntled #XRP holder who was upset because I bet on the wrong token and lost money. The truth was when the SEC filed suit on December 22, 2020,… https://t.co/F3TIrYY5dy
— John E Deaton (@JohnEDeaton1) December 3, 2023
XRP Price Action and Market Outlook
The XRP coin has an average daily traded volume of around $1.5 billion, which has significantly improved after US-based crypto exchanges and DeFi projects relisted it in the past few months. According to our latest market data, XRP price traded around 62 cents on Monday, up 82 percent year-to-date. On the weekly time frame with the US Dollar derivative, XRP price has been forming a macro bullish pennant that is currently trending around the apex in preparation for an imminent breakout.
If XRP price manages to close the year trading above 92 cents, the macro consolidation will be invalidated backed by an imminent weekly golden cross between the 50 and 200 weekly Moving Averages (MA). On the contrary, the XRP price would find robust support on the ascending support trend in case of a flash sell-off before Bitcoin’s fourth halving triggers the macro bull run.
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